Food shortages, escalating energy costs, and rising consumer prices are all taking their toll on markets around the world. In such an uncertain environment traditional business forecast models become less effective navigation aids for steering your company.
So what do you do to prepare should the macro and micro environments worsen? In a Harvard Online blog, Paul J. H. Schoemaker presents these tips. Schoemaker is the founder and executive chairman of Decision Strategies International and research director of the Mack Center for Technological Innovation at the Wharton School.
- Use scenario planning to improve your organizational preparedness.
- Devise adaptive strategies with flexibility for dealing with with the unexpected.
- Implement a dynamic monitoring system for real-time tracking of the external world internal progress on goals.
- Improve your organization’s agility in terms of structure, processes, and rewards.
- Enhance your information and decision making procedures with tools like prediction markets.
- Foster strong leadership at multiple levels.
Schoemaker’s blog provides more details on each of these measures, and is worth a close read.
